Fastighets Ab Balder Class B · OMXSTO:BALD_B
Fastighets Ab Balder Class B — Q4 2025 Earnings Presentation
18 slides from Fastighets Ab Balder Class B's earnings presentation, Feb 6, 2026
Slide 1: Conference Call Q4 2025
CONFERENCE CALL Q4 2025 O| BAL DER
Slide 2: Balder at a Glance
BALDER AT A GLANCE Residential Commercial SEK BILLION S&P RATINGS % YEARS 229 BBB 95 13.9 46% PORTFOLIO CARRYING VALUE 54% PORTFOLIO OFFICIAL OCCUPANCY AVG. LEASE DURATION VALUE RATING RATE 10 LARGEST LEASES % TIMES SEK BILLION SEK % 48.1 2.7 24 94.0 25 NET DEBT TO INTEREST AVAILABLE NAV PER NAV GRO
Slide 3: Fastighets AB Balder Q4 2025
STOCKHOLM KUNGSBACKEN 8 COMMERCIAL FASTIGHETS AB BALDER Q4 2025 • Rental income SEK 3,452m, increase 4% • Net operating income SEK 2,547m, increase 4% • Profit from property management per share increase of 4%, to 1.34 SEK/share • Profit from property management in current earnings capacity 5.06 SEK
Slide 4: Current Earnings Capacity
CURRENT EARNINGS CAPACITY 2025 2025 2025 2025 2024 2024 2024 2024 2023 SEKm 31 Dec 30 Sep 30 Jun 31 Mar 31 Dec 30 Sep 30 Jun 31 Mar 31 Dec Rental income 13,800 13,800 13,700 13,500 13,800 13,000 12,800 12,700 12,400 Property costs -3,300 -3,300 -3,300 -3,200 -3,400 -3,200 -3,150 -3,100 -3,050 Net op
Slide 5: A Well-Diversified Portfolio
A WELL-DIVERSIFIED GÖTEBORG INOM VALLGRAVEN 36:4 KOMMERSIELLT PORTFOLIO 16 493 KVM CARRYING AMOUNT DISTRIBUTED BY REGION Total real estate portfolio, % Helsinki 24% 80% Gothenburg 21% Stockholm 15% East 12% Copenhagen 11% Of the property North 9% South 8% portfolio located in capitals and larger cit
Slide 6: Long Track-Record of Delivering Value
LONG TRACK-RECORD OF DELIVERING VALUE Profit from property management (SEKm) 7 000 6,00 Profit from property management (SEK/Share) 6 389 6 139 6 135 6 011 5,37 6 000 5 543 5,00 5 000 4 244 4,00 4 023 4 000 3 304 3,00 3 000 2 804 2 265 2,00 2 000 1,00 1 000 0 0,00 2016 2017 2018 2019 2020 2021 2022
Slide 7: ...While Improving Operational Stability and Reducing Leverage
…WHILE IMPROVING OPERATIONAL STABILITY AND REDUCING LEVERAGE Portfolio value, (SEKm) Net debt to total assets, % Occupancy rate, % 228 580 200 000 95% 60% 48,1% 40% 90% 100 000 20% 0 0% 80% Long track record of value creation through strong Strong population growth and urbanisation Continuous levera
Slide 8: Financing
FINANCING INTEREST FIXING STRUCTURE 6%0% Year SEKm Interest, % Proportion, % 2026 43,470 3.1* 30 64 616 2027 15,715 2.0 11 48% 78 691 2028 22,561 3.0 16 45% 2029 16,353 2.1 11 2030 12,399 2.2 9 2031 7,261 2.2 5 2032 8,213 3.5 6 Unsecured loans, 55% 2033 5,409 4.1 4 Secured loans, 45% 2034 1,212 2.8
Slide 9: Financing
FINANCING Portfolio Value (SEKm) and Net Debt to Total Assets (%) Portfolio value (SEKm) Net debt to total assets, % Secured debt to total assets, % 228 580 80% Secured debt to total assets 23.4% 70% 200 000 60% 150 000 50% 48,1% Approximately 80% of 100 000 40% debt is hedged with interest swaps an
Slide 10: Financing
FINANCING MATURITY STRUCTURE BANK LOANS MATURITY STRUCTURE BONDS AND COMMERCIAL PAPER 25 000 25 000 20 000 20 000 15 000 15 000 10 000 10 000 5 000 5 000 0 0 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036- 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036- Bank loans Commercial paper Bo
Slide 11: Asset Liability Management
ASSET LIABILITY MANAGEMENT Leverage & capital allocation Funding strategy • Continued balanced capital allocation until reaching 11 • Long term bond issuer in both SEK and EUR – probably times Net Debt/EBITDA on a reported rolling 12 months a 50/50 split bonds vs bank financing is reasonable basis,
Slide 12: The Share
THE SHARE Share price development over time Share price development in relation to NAV and Profit from property management Share price, Net asset value (NAV) Profit from property management Share price/Net asset value (NAV), % Share price/Profit from property SEK/share SEK/share management, times 12
Slide 13: Consolidated Statement of Comprehensive Income
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 2025 2024 SEKm January-December January-December Deviation, Δ % Rental income 13,721 12,876 7 Property costs -3,407 -3,263 Net operating income 10,314 9,613 7 Management and administrative costs -1,160 -1,080 Participation in the profits of associated c
Slide 14: Consolidated Statement of Financial Position
CONSOLIDATED STATEMENT OF FINANCIAL POSITION 2025 2024 SEKm 31 December 31 December Assets Investment properties 225,196 221,261 Development properties 3,384 1,955 Lease contract; Right-of-use assets 2,287 2,585 Goodwill 136 – Other fixed assets 303 345 Participations in associated companies/joint v
Slide 15: Shareholders as of 31 December 2025
SHAREHOLDERS AS OF 31 DECEMBER 2025 Owner A shares B shares Total no shares Capital, % Votes, % Erik Selin via company 49,855,968 343,265,400 393,121,368 33.0 46.9 Arvid Svensson Invest AB 17,495,352 73,799,819 91,295,171 7.7 13.8 Swedbank Robur Fonder - 63,729,681 63,729,681 5.4 3.5 AMF Fonder & Pe
Slide 16: Associated Companies
ASSOCIATED COMPANIES Unique competence Financially strong co-owners segment or competence CAPITAL ALLOCATION Entrepreneurial capacity to build Sinoma portfolio Increased owning over time 16
Slide 17: Balder's Sustainability Framework
BALDER’S SUSTAINABILITY FRAMEWORK E ENVIRONMENTAL S SOCIAL G GOVERNANCE Own employees Climate change Workers in the value chain Water Business conduct Customers and social area Resource use and circular economy development Targets Targets Targets • 50% reduction in emissions from own operations by 2
Slide 18: Q&A
Q&A